Here's a super quick guide to what traders are talking about this morning

Via Dave Lutz at JonesTrading, here's a quick guide to what
traders are talking about this morning.

Good Morning! US Futures are drifting around unchanged right now
as the S&P digests its First three-day winning streak in a
month amidst multiple headlines as earnings start hitting.
European futures are off small, led by a 30bp retreat in the DAX
as sentiment very cautious with Greece’s parliament is facing a
Wednesday deadline to approve and implement economic reforms.
Volumes are pacing very light, but Consumer Discretionary shares
under sharp pressure in Frankfurt, losing 1.5%. Over in Asia,
Shanghai lost 1.1% and the Hang Seng lost 0.4%. Roughly 250
Chinese A-shares were estimated to resume trading — leaving some
27% of Chinese listed companies still frozen (Down from more than
50%). Japan’s Nikkei 225 is up 1.5%, and Australia is up 1.9% led
by the miners.

The US 10YY is off 2bp, while German 10’s are basically flat
after the huge reversal yesterday. Sovereign debt yields on the
periphery of the eurozone are creeping higher, with Spain and
Italy out slightly. The euro is rebounding from some time spent
under 1.10 waterline, and the Yen is gaining some upward mojo
into BOJ tonight – helping the DXY reverse some of yesterday’s
gains, causing a tailwind for commodities. That said, only
“softs” are higher, as all the metals are under pressure, led by
a 1% drop in Silver and Copper – both considered “growth”
proxies, as concern builds ahead of a big China GDP and retail
sales print tonight. With the Iran nuclear agreement announced,
we have weakness in both Brent and WTI – with the complex off
1.5% but rallying from overnight lows.

Scheduled Catalysts today include Advance Retail Sales at 8:30 -
NFIB Small Business Optimism at 9 - Business Inventories at 10.
Tonight after the close we get API data for Crude and Fed's
George Speaks on Economy in Kansas City. Semis will be active
today, as Gartner slashes Cap Spending estimates (INTC off 1%) -
Semicon West kicks off, MU Takeout headlines, and LRCX, KLAC
investor days. Banks will be jumping, with JPM and WFC all
reporting. Watch the retailers – we say a sharp bid in many
discretionary names, led by AMZN hitting fresh all-time highs
into their “Prime Day” sales event tomorrow.